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Three-quarters don’t read wake-up packs

Nearly three-quarters of people are not fully reading product providers’ wake-up packs in the run-up to retirement.

The Association of British Insurers questioned 1,606 people who had been sent a wake-up pack in the previous four to 16 weeks and found that only 26 per cent had read it in full.

Sixteen per cent had not read it at all while 21 per cent glanced at it. Of those who glanced at the pack, 30 per cent could not recall any of the contents. Seventy-one per cent who read the pack said it gave them a better understanding of their options at retirement while awareness of the right to shop around rose from 62 per cent to 82 per cent after reading it.

But Just Retirement technical manager Nigel Barlow says the research gives “a false impression”. He says: “You start off with 1,606 interviewees but in effect you filter the next stage of the interview by asking whether they remember receiving the pack or reading the pack, which filters out something like 1,100 people. The fact that almost 75 per cent of people did not read the pack is a disgrace.”

ABI retirement policy adviser Ben Stafford says: “We deliberately sought feedback from people who had read the pack and those who had not yet done so. The consumer feedback provides an unprecedented level of detail from which we can build on the improvements already made to wake-up packs.”


The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]


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